All posts tagged CIM Group

The developer of a $750 million Four Seasons hotel and luxury condo development in Boston is using the same playbook as the folks who are building New York City’s tallest residential skyscraper.

Both developers relied on an orphan’s charity and the global elite to finance their ambitious projects.

In Boston, Carpenter & Company said it is borrowing $500 million from the Children’s Investment Fund Management. The group is affiliated with a foundation started by London-based investment manager Christopher Hohn, whose funds donate part of their profits to a charity that helps orphans.

Separately, Richard Friedman, Carpenter& Company’s chief executive officer, said his firm has raised about $180 million from high net-worth individuals around the globe through Citi Private Bank. The remaining equity is coming from Mr. Friedman and his business partners, he said. Read More »

The high-end building 432 Park Avenue, which is under construction in Midtown Manhattan, has signed contracts for half its 99 residential units, according to CIM Group, the real estate investor that is developing the project with New York developer Harry Macklowe.

The deals total about $1 billion in sales, including a full-floor penthouse for $95 million to an undisclosed buyer. The building, which is slated to rise to 1,396 feet and finish in 2015, has an average asking price of $6,894 per square foot, 17.5% higher than the average asking price a year ago, according to CIM. Still, a large portion of its more expensive units remain unsold. Read More »

Not all skyscrapers are equal — at least when it comes to their effect on the skyline. A nearly 1,400-foot building planned to rise at Park Avenue and 56th Street in Manhattan appears as though it would occupy a distinct place on the New York City skyline, as can be seen in renderings of the Rafael Viñoly-designed tower that were provided to potential investors in the building.

Set apart from the fray of central Midtown, the condo tower, called 432 Park Ave., would be surrounded by relatively lower buildings on Park Avenue. As we wrote last week, the CIM Group, the tower’s developer, and its advisors at Citigroup earlier this year issued a 67-page book to potential investors seeking non-controlling partners for the $1.2 billion tower planned for the site of the former Drake Hotel.

The book — reviewed by The Wall Street Journal — contained the renderings posted here. Of course, any renderings of planned towers should be viewed as the artistic creations that they are. The 432 Park renderings, for instance, don’t include Extell Development’s 1,004-foot One57 tower under construction across from Carnegie Hall. Images from the offering were first posted by the New York Observer. Read More »

The site of the former Drake Hotel on New York’s Park Avenue has long been a subject of fascination in the development world, given its prime location on a vaunted boulevard that’s barely seen any construction in a half-century.

Now new details are emerging about the soaring condo tower planned for the site by its owner, the CIM Group, which scooped the property at 56th Street up in the depths of the downturn for $305 million. CIM, the Los Angeles-based private equity fund, has been out looking for partners in its project, and in recent months circulated a packet in which it and its advisers at Citigroup sought to cobble together more than $100 million from investors putting in at least $1 million each.

Within the 67-page document — reviewed by The Wall Street Journal — are a collection of striking images of what would be the tallest residential tower in the U.S. at 1,395 feet as well as a number of other interesting factoids about the tower, called 432 Park: Read More »